BoG maintains policy rate at 29%

Bank of Ghana (BoG) has maintained its Monetary Policy Rate (base rate) at 29 percent.

The BoG made a 100 basis points cut in the policy rate to the current 29 percent in January.

The maintenance of the policy rate was announced by the Governor of the Bank of Ghana, Dr. Ernest Addison at the 117th Monetary Policy Committee (MPC) press briefing on Monday, March 25, 2024.

The new policy rate follows the review of macroeconomic developments in the country for the past two months by the MPC.

With a maintenance in the policy rate, the lending rate by commercial banks to businesses is expected to remain same with the new policy rate.

According to Dr. Addison, the decision by the Committee to maintain the policy rate comes on the back of the marginal but steady decline in the headline inflation to 23.2% in February.